Ghana loses $3 billion annually in corruption – IMANI

President of policy think IMANI Ghana, Franklin Cudjoe has observed that the nation loses over $3 billion of taxpayer’s money in corrupt activities every year.

Mr. Cudjoe who based his comment on analysis of the Auditor General’s report said, corruption in state institutions is taking a toll on the economy and must be checked.

“…My estimation about grand corruption in this country looking at the numbers from the Auditor General’s report on an annual basis and doing an extrapolation looks to me about $3 billion a year. I think it may be conservative but I think it is significant.”

The President of IMANI Ghana made the assertion on Citi FM’s News analysis programme, The Big Issue on Saturday.

Debate about corruption in the nation has been ignited following President John Dramani Mahama’s recent interview on the BBC where he said he has never taken a bribe before.

President Mahama also noted that his government has fought corruption more than previous governments.

But Franklin Cudjoe argued that if government is serious about fighting graft in the country, he should also direct his attention to the state institutions.

“By the way the cost of corruption is not just grand corruption and not the ones that politicians engage in but the ones that you get from other public institutions,” he added.

Prosecute indicted MMDA officials in 2014 report

The Auditor-General, Richard Quartei Quartey, in his 2014 report recommended the prosecution of various officials of Metropolitan, Municipal and District Assemblies (MMDAs) indicted in the report for various financial and legal infractions.

Whereas just 195 out of the 216 assemblies submitted their books for auditing, 21 assemblies failed to comply with the legal requirement.

Several public institutions were also cited in the report for various financial malfeasance.

The report also cited the Public Utilities Regulatory Commission (PURC) for blowing GHc99, 663 on the distribution of Christmas hampers.

The report also stated that the Ghana Railway Company Limited, is said to be struggling to trace an amount of GHc25, 404belonging to the company.

According to the report, the company received a total cash amount of GHc3, 422,574.76 at the end of 2009, out of which GHc3, 397,170.47 was sent to the bank “leaving a balance of GHc 25,404.29 which could not be traced.”